The size of the General Surgical Devices Market in North America was worth USD 5.09 billion in 2022 and estimated to reach USD 8.04 billion by the end of 2027, with a CAGR of 9.60%. The growth in the North American market is primarily driven by the advent of new technologies, favorable regulatory framework, growing aging population, and high disposable income of the consumer population.
The aging population and increasing life expectancy of the North American people are expected to further boost this region's general surgical devices market. As a result, the area is expected to experience an increase in R&D investments during the forecast period, which is expected to favor market growth. Furthermore, an increase in the R&D investments in the area is likely to boost the invention of the latest surgical devices, which is expected to accelerate the market's growth rate. In addition, the growing collaboration between the public and private sectors and the demand for innovative surgical tools are other factors driving the development of the North American general surgical devices market.
The propensity of the population to spend on the general surgical devices market in this region in exchange for improved technologies and advanced treatment methods and dental and hospital care is estimated to lead to the growth of the North American market for the general surgery devices market at the end of 2025. The Centres for Disease Control and Prevention, a leading US institute of public health, has awarded grants for a large number of health care initiatives in the region in 2020, such as vaccines for children and chronic disease prevention and health promotion, received the largest share of resources with 55.79% and 13.23% respectively. It was followed by the prevention of HIV / AIDS, viral hepatitis, STIs, and tuberculosis, which received 11.23%, and injury prevention and control with 6.16% of funds. It is also estimated that increased patient demand for minimally invasive surgeries drives the North American general surgical devices market.
However, strict government regulations and adequate reimbursement for surgical devices are likely to hamper the market during the forecast period.
This research report on the North America general surgical devices market has been segmented & sub-segmented into the following categories:
By End User:
The North American General Surgical Devices Market was the dominant region in the global market in 2020 and predicted the same trend to be continuing throughout the forecast period. In North America, R&D investments in medical devices have increased considerably since last year's decade in the United States. As a result, R&D spending on medical devices increased from USD 7.2 billion in 2019 to USD 11.8 billion in 2020.
The United States dominates the North American general surgical devices market due to well-established players and increased technological advancement in surgery devices. However, Mexico is expected to experience significant growth during the forecast period, owing to the development of the country's medical tourism industry and the increase in healthcare spending. US market for general surgery devices. The country's health expenditure has seen significant growth over the past decade, rising from USD 2,038 billion in 2010 to USD 4,579 billion in 2020, resulting in an average annual percentage change of 6.6% during this period as reported by the CDC. Hospital spending accounted for the largest share, with 42.3% of total personal health care spending in the United States in 2020. Next are medical and clinical expenditures, prescription drugs, and dental care, which accounted for 31.7%, 17.8%, and 6.9%, respectively.
KEY MARKET PLAYERS:
A few of the major companies operating in the North American general surgical devices market profiled in this report are Medtronic Plc., Stryker Corporation, Johnson and Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, KLS Martin Group, Olympus Corporation, Applied Medical Resources Corporation, Microline Surgicals, Inc., Karl Storz GmbH & Co. Kg, Cook Medical Incorporated, and Teleflex Incorporated.